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Notwithstanding U.S.-based pharma firm Bristol Myers Squibb (BMS) opting out of the joint project, Bengaluru-based biopharma company Biocon said on Tuesday that it would go ahead with the development of its oral insulin drug.

A Biocon spokesperson told International Business Times India that the company was pleased with the study's outcome during the clinical trials of the drug in the U.S. and would go ahead with designing the next stage of the clinical trial on its own.

U.S.-based biopharma company Bristol Myers Squibb (BMS) recently opted out of the oral insulin project with Biocon, the Economic Times reported.

Under the agreement, BMS and Biocon had agreed on jointly developing oral insulin, Tregopil. BMS' decision emerged a few months ago, the Economic Times quoted its sources as saying. Kiran Mazumdar Shaw, chairperson and managing director at Biocon, said in a tweet on Tuesday that the decision to end the joint project was made in January.

"US drugmaker BMS out of Biocon's oral insulin .Why a delayed report on an event that was discussed in Jan?," Shaw tweeted.

In 2013, while BMS decided to sell its diabetes portfolio to global pharma firm Astra Zeneca and focus on only developing drugs for cancer and cardiovascular diseases, it retained its alliance with Biocon until January 2016 after which it decided to opt out of the project.

"Post their (BMS) divestment of diabetes portfolio to Astra Zeneca they continued with the program until this stage where they had the option to take a decision. Since they no longer have a diabetes focus, they decided to exercise their option until this stage," the Biocon spokesperson said.

Under the agreement, BMS was to gain exclusive worldwide license and subsequent commercialisation of the product, whereas Biocon was involved in the development of the oral insulin drug.